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Determine the cost assigned to ending inventory

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Question - Martinez Co. reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 540 units-180 from each of the last three purchases.

Jan. 1

Beginning inventory

280 units

@$5.20 = $ 1,456

Mar. 7

Purchase

600 units

@$6.25 = 3,750

July 28

Purchase

1,240 units

@$5.70 = 7,068

Oct. 3

Purchase

1,120 units

@$6.00 = 6,720

Dec. 19

Purchase

640 units

@$6.10 = 3,904

 

Totals

3,880 units

$22,898

a. Determine the cost assigned to ending inventory and to cost of goods sold for the following.

  • Specific identification
  • Weighted average
  • FIFO
  • LIFO

 b. Which method yields the highest net income? 

  • Specific identification
  • LIFO
  • Weighted average
  • FIFO

Reference no: EM131570029

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